Manchester United plc (MANU): Financial results for Q4 2026
Manchester United plc (MANU) furnished an SEC Form 6-K — earnings release. Exhibit 99.1 CORPORATE RELEASE 23 September 2026 Manchester United PLC Reports Fourth Quarter and Full Year Fiscal 2026 Results Key Points · Achieved record full year revenue of £677.6 million, despite not participating in UEFA competition, up from previous record of £666.5 milli
How this was made
The 30-second read
Why it matters
The club achieved record revenue but widened loss; new guidance suggests modest growth, prompting analyst scrutiny.
Market read
First‑hand earnings and guidance release for a major sports franchise; likely to move the stock and influence sector peers.
What to watch
High debt levels and upcoming cost increases from Champions League participation could pressure margins.
Manchester United reported record full year revenue of £677.6 million and record adjusted EBITDA of £216.4 million, while full year loss for the period widened to £43.0 million; fiscal 2027 revenue guidance is £740 million to £760 million.
Revenue, adjusted EBITDA and operating profit improved for the full year, supported by higher broadcasting revenue and operating-cost reductions, but the full year net loss widened, fourth-quarter revenue and adjusted EBITDA declined, and borrowings increased.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, twelve months ended 30 June 2026other | £677.6 million | – | 1.7% |
| Total revenue, three months ended 30 June 2026other | £157.5 million | – | (4.0)% |
| Adjusted EBITDA, twelve months ended 30 June 2026non-GAAP | £216.4 million | – | 18.4% |
| Adjusted EBITDA, three months ended 30 June 2026non-GAAP | £28.9 million | – | (22.9)% |
| Operating profit/(loss), twelve months ended 30 June 2026other | £22.6 million | – | – |
| Operating profit/(loss), three months ended 30 June 2026other | £(15.0) million | – | 1.3% |
| Loss for the period, twelve months ended 30 June 2026other | £(43.0) million | – | (30.3)% |
| Loss for the period, three months ended 30 June 2026other | £(28.7) million | – | (633.3)% |
| Basic and diluted loss per share, twelve months ended 30 June 2026other | (24.91) pence | – | (28.9)% |
| Basic and diluted loss per share, three months ended 30 June 2026other | (16.66) pence | – | (637.2)% |
| Adjusted loss for the period, twelve months ended 30 June 2026non-GAAP | £(21.6) million | – | (23.4)% |
| Adjusted loss for the period, three months ended 30 June 2026non-GAAP | £(28.2) million | – | (422.2)% |
| Adjusted basic and diluted loss per share, twelve months ended 30 June 2026non-GAAP | (12.51) pence | – | (22.2)% |
| Adjusted basic and diluted loss per share, three months ended 30 June 2026non-GAAP | (16.36) pence | – | (417.7)% |
| Total operating expenses, twelve months ended 30 June 2026other | £701.9 million | – | (4.3)% |
| Employee benefit expenses, twelve months ended 30 June 2026other | £302.0 million | – | (3.6)% |
| Other operating expenses, twelve months ended 30 June 2026other | £159.2 million | – | (6.6)% |
| Depreciation and impairment, twelve months ended 30 June 2026other | £20.6 million | – | 21.2% |
| Amortization, twelve months ended 30 June 2026other | £211.8 million | – | 7.8% |
| Profit on disposal of intangible assets, twelve months ended 30 June 2026other | £46.9 million | – | – |
| Net finance costs, twelve months ended 30 June 2026other | £69.6 million | – | 228.3% |
| Income tax credit, twelve months ended 30 June 2026other | £4.0 million | – | – |
| Non-current borrowings in USD (contractual currency)other | $775.0 million | – | 19.2% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Commercial revenue, twelve months ended 30 June 2026Sponsorship revenue was £160.5 million, a decrease of £27.9 million, or 14.8%, primarily due to the Club’s training kit sponsorship agreement with Tezos in the prior year, which ended before the start of the 2025/26 season. Retail, Merchandising, Apparel & Product Licensing revenue was £156.8 million, an increase of £11.9 million, or 8.2%, due to a full year of the in-house e-commerce model in partnership with SCAYLE and a one-off credit relating to amended terms of this model. | £317.3 million | – | (4.8)% |
| Broadcasting revenue, twelve months ended 30 June 2026The men’s first team finished 3rd in the Premier League, compared to 15th in the prior year, partially offset by no participation in UEFA competition versus reaching the UEFA Europa League final in the prior year. | £206.8 million | – | 19.6% |
| Matchday revenue, twelve months ended 30 June 2026The men’s first team played 10 fewer home matches than in the prior year, partially offset by strong demand for general admission and hospitality offerings. | £153.5 million | – | (4.2)% |
| Commercial revenue, three months ended 30 June 2026Sponsorship revenue was £37.8 million, down £13.4 million, or 26.2%, primarily because the prior-year quarter included a post-season tour to Malaysia and Hong Kong; no such tour was possible in the current-year quarter due to the FIFA Men’s World Cup. | £72.2 million | – | (18.1)% |
| Broadcasting revenue, three months ended 30 June 2026Improved Premier League performance was partially offset by no participation in UEFA competition. | £49.7 million | – | 28.4% |
| Matchday revenue, three months ended 30 June 2026No additional quarterly driver was reported. | £35.6 million | – | (4.3)% |
fiscal 2027 outlook
- Revenue£740 million to £760 million
- NoteAdjusted EBITDA guidance of £205 million to £225 million
What drove it
- Full year broadcasting revenue increased £33.9 million, or 19.6%, driven primarily by the men’s first team finishing 3rd in the Premier League compared with 15th in the prior year.
- Operating profit improved to £22.6 million from an operating loss of £18.4 million, as operating cost and headcount reductions combined with improved Premier League performance.
- Employee benefit expenses decreased £11.3 million, or 3.6%, due to changes in the make-up of the men’s first team squad and headcount-reduction programs.
- Other operating expenses decreased £11.2 million, or 6.6%, reflecting operating-efficiency savings and reduced matchday costs from hosting 10 fewer home matches.
- The Company announced multi-year partnerships with Betway as Official Training Kit Partner and SumUp as Official Sleeve Partner.
Concerns
- Full year loss for the period was £43.0 million, compared to a loss of £33.0 million in the prior year.
- Fourth-quarter total revenue declined to £157.5 million from £164.1 million and adjusted EBITDA declined to £28.9 million from £37.5 million.
- Commercial revenue decreased £16.0 million, or 4.8%, for the full year, and matchday revenue decreased £6.8 million, or 4.2%.
- Net finance costs rose to £69.6 million from £21.2 million, primarily due to a £10.0 million unrealized foreign exchange loss on unhedged USD borrowings versus a £22.9 million unrealized foreign exchange gain in the prior year.
- Amortization increased £15.4 million, or 7.8%, due to continued investment in the first team playing squad.
- Fiscal 2027 adjusted EBITDA guidance of £205 million to £225 million incorporates associated player staff cost increases.
What to watch
- Delivery of fiscal 2027 revenue guidance of £740 million to £760 million and adjusted EBITDA guidance of £205 million to £225 million.
- The revenue and cost impact of the return to the UEFA Champions League in the 2026/27 season.
- Commercial contributions from the Betway and SumUp partnerships.
- Player staff cost increases associated with the return to the UEFA Champions League.
- Development of the proposed new 100,000 seater stadium following acquisition of land.
- Premier League match phasing: 5 matches in Quarter 1, 13 in Quarter 2, 12 in Quarter 3 and 8 in Quarter 4, as of 23 September 2026.
Balance sheet and cash flow
- Cash and cash equivalents were £67.2 million as of 30 June 2026, compared to £86.1 million at 30 June 2025.
- USD non-current borrowings were $775 million as of 30 June 2026, compared to $650.0 million at 30 June 2025.
- Non-current borrowings when converted to GBP were £577.6 million, compared to £471.9 million at the prior year end.
- Current borrowings, including accrued interest, were £111.4 million at 30 June 2026, compared to £165.1 million at 30 June 2025.
- The outstanding revolving credit facility balance as of 30 June 2026 was £110.0 million.
- Net cash inflow from operating activities was £178.7 million, compared to a net cash inflow of £72.7 million for the prior year.
- Net capital expenditure on property, plant and equipment was £85.9 million, including £63.5 million on acquisition of land for the proposed new 100,000 seater stadium.
- Net capital expenditure on intangible assets was £143.7 million.
- Net cash inflow from financing activities was £35.3 million.
- Cash and cash equivalents decreased by £18.9 million in the year.
Analysis
Manchester United delivered record full year revenue of £677.6 million and record adjusted EBITDA of £216.4 million in fiscal 2026. Revenue rose 1.7%, with broadcasting revenue up 19.6% to £206.8 million as the men’s first team finished 3rd in the Premier League versus 15th in the prior year. This improvement came despite no UEFA competition in the current year, compared with reaching the UEFA Europa League final in the prior year.
The revenue mix shifted away from commercial and matchday. Commercial revenue fell 4.8% to £317.3 million, with sponsorship down 14.8% following the end of the Tezos training kit sponsorship agreement before the 2025/26 season. Matchday revenue declined 4.2% to £153.5 million because the men’s first team played 10 fewer home matches, although demand for general admission and hospitality was described as strong. Fourth-quarter revenue fell 4.0% to £157.5 million, reflecting commercial and matchday declines, while fourth-quarter broadcasting revenue increased 28.4%.
Profitability improved at the operating level as operating expenses declined 4.3% to £701.9 million. Employee benefit expenses declined 3.6%, other operating expenses declined 6.6%, and the Company cited squad changes, headcount reductions and operating-efficiency measures. Operating profit was £22.6 million compared with an operating loss of £18.4 million. However, the loss for the period widened to £43.0 million from £33.0 million as net finance costs rose to £69.6 million from £21.2 million, including a £10.0 million unrealized foreign exchange loss on unhedged USD borrowings.
Cash flow from operations improved to £178.7 million, but cash and cash equivalents fell to £67.2 million from £86.1 million. Property, plant and equipment expenditure was £85.9 million, including £63.5 million for land required for the proposed new stadium. USD non-current borrowings increased to $775 million from $650.0 million, while current borrowings including accrued interest decreased to £111.4 million from £165.1 million.
For fiscal 2027, the Company introduced revenue guidance of £740 million to £760 million and adjusted EBITDA guidance of £205 million to £225 million. The outlook incorporates the men’s return to the UEFA Champions League and associated player staff cost increases. The principal operating variables are Champions League participation, commercial execution including the new Betway and SumUp partnerships, player costs, and the timing of Premier League matches across the fiscal year.
Management, verbatim
We are pleased to have secured record revenues and adjusted EBITDA which demonstrates the underlying strength of our business, particularly in a season without European football.
Omar Berrada, Chief Executive Officer
Not in the filing
stated, not guessed- Gross margin was not reported.
- Free cash flow was not reported.
- No capital returns, including dividends or share repurchases, were reported.
- No prior outlook was provided, so comparison with prior guidance is unavailable.
- Sequential prior-quarter comparisons were not reported.
- Prior-year values for employee benefit expenses, other operating expenses, depreciation and impairment, and amortization were not printed on their respective narrative lines.
- Fiscal 2027 guidance for gross margin, operating expenses and tax rate was not reported.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Manchester United released its FY 2026 earnings via SEC Form 6‑K, including full‑year financials and FY 2027 guidance.
Ticker impact
SEC Form 6‑K earnings release reporting Q4 2026 results and FY 2027 revenue/EBITDA guidance.
Potential modest upside if guidance beats market expectations; downside risk if investors focus on continued loss.
Guidance is new primary information for a large‑cap listed club; market will price the outlook quickly.
Market effects
Improves outlook for sports‑entertainment and UK football sector; may lift peers with similar sponsorship models.
Positive for UK equities and consumer discretionary exposure.
Limited to investors tracking global consumer‑discretionary and sports‑related stocks.
Counterpoint
Guidance may be overly optimistic given persistent operating losses; price could fall on profit concerns.
Key entities
- companyManchester United plc
Premier League football club listed on NYSE under ticker MANU.
- executiveOmar Berrada
Chief Executive Officer of Manchester United.
